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Could anyone please help working out 2011/12 tax credits

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Comments

  • harveymail
    harveymail Posts: 187 Forumite
    Little bump :o
  • allen35
    allen35 Posts: 1,516 Forumite
    harveymail wrote: »
    I may have got it wrong, there is something on the site about a £10k disregard, what is this pray tell? Complicated, complicated, complicated arrrrrrrrrrhhhhhhhhh

    This only comes into effect if your joint income rises by £10,000 and over in a particular tax year and the award was based on the previous year.

    Your joint income is £25,400 so if your income was to rise in the next tax year to £35,401 plus you would need to inform tax credits.

    When you stated an adult and one child get high DLA, is this the care component or mobility or both?
    Forums can be/are a good guide to entitlement and it is good practice to back it up with clarification from the relevant department/specialist with written confirmation to safeguard yourself.
  • harveymail
    harveymail Posts: 187 Forumite
    allen35 wrote: »
    This only comes into effect if your joint income rises by £10,000 and over in a particular tax year and the award was based on the previous year.

    Your joint income is £25,400 so if your income was to rise in the next tax year to £35,401 plus you would need to inform tax credits.

    When you stated an adult and one child get high DLA, is this the care component or mobility or both?


    Thank you for your reply and clearing that up. I appreciate it.

    Both adult & child get higher rate care component, not sure about mobility.
  • zagfles
    zagfles Posts: 21,548 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Chutzpah Haggler
    edited 24 March 2011 at 1:19PM
    harveymail wrote: »
    Think I may have worked it out, fingers crossed, here goes

    Basic Element £1920
    Couple & Lone Parent Element £1950
    30 Hour Element £790
    Disabled Worker Element £2650
    Servere Disabled Working Element £1130

    Child Tax Credit Family Element £545
    Child Element £2555 (Child 1)
    Child Element £2555 (Child 2)
    Disabled Child Element £2800
    Servere Disabled Child Element £ 1130

    Total Tax Credits £18,025

    Income

    Adult 1 £19000
    Adult 2 £6400

    Total Income £25,400

    Minus £6420 (First Income Threshold)

    Total £18,980 x 41% (First Withdrawal Rate) (Per Cent) = £7781

    £18,980 minus £7781

    Grand Total = £11,199 (£215 approx per week)

    PLEASE SOMEBODY POINT IT OUT IF I HAVE NOT DONE IT CORRECTLY :)

    Looks right to me :)

    Edit: erm no it doesn't see below
  • harveymail
    harveymail Posts: 187 Forumite
    Thank you very much, your help is very much appreciated. Though how you know all you do is beyond me (very complicated system to me) but you have been very helpful.
  • You've calculated the tax credits, but then done nothing else with the total - is that correct?
  • harveymail
    harveymail Posts: 187 Forumite
    Arrh, yes I see you point, it should be


    Think I may have worked it out, fingers crossed, here goes

    Basic Element £1920
    Couple & Lone Parent Element £1950
    30 Hour Element £790
    Disabled Worker Element £2650
    Servere Disabled Working Element £1130

    Child Tax Credit Family Element £545
    Child Element £2555 (Child 1)
    Child Element £2555 (Child 2)
    Disabled Child Element £2800
    Servere Disabled Child Element £ 1130

    Total Tax Credits £18,025

    Income

    Adult 1 £19000
    Adult 2 £6400

    Total Income £25,400

    Minus £6420 (First Income Threshold)

    Total £18,980 x 41% (First Withdrawal Rate) (Per Cent) = £7781

    Max Tax Credit £18,025 minus £7781

    Grand Total = £10,244 (£197 approx per week)


    I think this is where I made the mistake, could somebody please confirm.
  • zagfles
    zagfles Posts: 21,548 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Chutzpah Haggler
    harveymail wrote: »
    Arrh, yes I see you point, it should be


    Think I may have worked it out, fingers crossed, here goes

    Basic Element £1920
    Couple & Lone Parent Element £1950
    30 Hour Element £790
    Disabled Worker Element £2650
    Servere Disabled Working Element £1130

    Child Tax Credit Family Element £545
    Child Element £2555 (Child 1)
    Child Element £2555 (Child 2)
    Disabled Child Element £2800
    Servere Disabled Child Element £ 1130

    Total Tax Credits £18,025

    Income

    Adult 1 £19000
    Adult 2 £6400

    Total Income £25,400

    Minus £6420 (First Income Threshold)

    Total £18,980 x 41% (First Withdrawal Rate) (Per Cent) = £7781

    Max Tax Credit £18,025 minus £7781

    Grand Total = £10,244 (£197 approx per week)


    I think this is where I made the mistake, could somebody please confirm.

    Oops apologies, didn't spot your previous mistake. :o This one looks right. You've got the idea anyway and hopefully the way you've laid the calculation out will make it easy for others to calculate their entitlement.
  • moomoomama27
    moomoomama27 Posts: 3,823 Forumite
    The calculator for ctc and wtc is updated on entitled to today.
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